Milkomeda receives SupaGrant from Algorand Foundation to bring EVM capabilities to Algorand Blockchain
The new L2 protocol, Milkomeda, receives a grant to develop the Milkomeda A1 Rollup, which brings EVM capabilities to Algorand and improves blockchain interoperability.
GEORGE TOWN, Grand Cayman, 11 October 2022 /PRNewswire/ — Milky way receives a SupaGrant from the Algorand Foundation to develop its A1 Rollup for the Algorand ecosystem. This new protocol introduces an easy-to-use EVM compatibility solution to the Algorand ecosystem and opens it up to hundreds of thousands of developers writing in Solidity – the world’s most popular smart contract language.
Milkomeda receives SupaGrant from Algorand Foundation to bring EVM capabilities to Algorand Blockchain
“Through SupaGrant, the Algorand Foundation has provided key support to enable Milkomeda A1 to get off the ground and become a reality,” says Rob Kornacki, Milkomeda Foundation director. “We are excited to be the first project to bring rollups and EVM to the Algorand ecosystem, and look forward to sharing many of the technical insights we have gained with the developer community to help fuel further growth. We look forward to to be a key part of the ecosystem as a whole with a core focus on bringing new opportunities and experiences to all Algorand users.”
Milkomeda A1 Rollup is an EVM-based, layer 2 technology that operates through a new data availability protocol and was developed specifically to bring EVM capabilities to the Algorand blockchain. The A1 digest is live on Algorand’s public testnet and the mainnet launch is expected in October. Bringing EVM features and the developers writing in Solidity to Algorand improves blockchain interoperability and increases the amount and variety of dApps available to Algorand users. It also increases the adoption of Algorand, by both users and developers, by increasing the overall versatility and accessibility of the Algorand blockchain.
This allows developers to use their existing skills to immediately begin writing smart contracts and dApps for the Algorand ecosystem, enabling them to leverage the high throughput, instant finality, and low cost benefits of the carbon-neutral Algorand blockchain.
The SupaGrant program is implemented by Algorand Foundation to provide grants to experienced R&D teams for building secure and high-quality solutions for the Algorand ecosystem. The grant awarded to Milkomeda was designated for teams that “will explore and accelerate the technical work needed to deliver EVM compatibility on Algorand”, and represents a joint effort by the Algorand Foundation and Milkomeda to increase the interoperability of the Algorand blockchain and the number of dApps and developers working with that.
“I am excited to see the launch of Milkomeda at Algorand,” says John Woods, Algorand Foundation CTO. “Now every single project that is going on Ethereum can come and deploy on Algorand with zero friction. When projects realize how great the user experience is on Algorand (fast, cheap and robust!), they will see that it provides a best-in-class experience for their users!”
Milkomeda is supported by investors such as Archetype, Arrington Capital, SOSV, Circle Ventures, Borderless Capital and Coin base Ventures. To learn more, visit milkomeda.com.
About Milkomeda
Milkomeda is a blockchain interoperability protocol that delivers EVM functionality to non-EVM blockchains using new layer 2 solutions. Currently, Milkomeda has deployed EVM solutions to both the Cardano and Algorand blockchains, improving blockchain interoperability and increasing developer accessibility in the blockchain space.
About Algorand
Algorand is a secure, scalable and decentralized blockchain designed to solve the problems of the blockchain trilemma and to allow global and financial institutions to benefit from blockchain technology. Using a Pure-Proof-of-Stake (PPoS) consensus mechanism, in which all users of the network have the opportunity to participate, Algorand completes transactions in under 4 seconds and has a transaction throughput of up to 6000 TPS. Algorand is a carbon-negative network that has experienced zero downtime since launch and is designed to scale to accommodate applications that have billions of users, while offering a secure and stable network.
SOURCE Milkomeda Foundation
